Infrastructure and Energy Company
Pomegranate
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Reports this morning that it will acquire a Spanish company engaged in the field of land and sea repression and tunneling for about 67.5 million euros. In addition, the subsidiary, Ofek-Atarim 10, won a tender from Mekorot to carry out work for about NIS 200 million.
The agreement was signed with “Europea De Hincas Teledirigidas”, a private company belonging to the Spanish “Terratest” group and with “Terratest” itself, for the purchase of the entire shares of the private company as well as all the repressive activity, on the relevant assets, of “Terratest”.
According to the report, the acquired company has extensive experience in the field of repression, and has expertise in performing tunneling on various types of land. It was also reported that the company has previously engaged in maritime infrastructure projects for desalination facilities and other beach facilities and is operating in these areas in several different countries.
It was also reported that Ofek-Atarim 10 – a subsidiary of Rimon – recently won a tender from Mekorot to purchase and lay steel lines with a diameter of 80 inches for the purpose of connecting a desalination plant in the Western Galilee to the national water network, for NIS 200 million.
These reports follow another announcement made by the company in December of last year, in which the subsidiary won a tender to establish a water suction system in Eilat in the amount of NIS 125 million. The subsidiary won the project together with a third party partner, which is held by Rimon and the subsidiary at rates of 66.6% and 33.3% respectively. As part of the project, the joint venture is expected to carry out marine repression work of horizontal drilling and to establish pumping stations.
In the semi-annual report of 2021, Rimon’s revenues amounted to NIS 122 million, compared with NIS 143 million in the corresponding period last year. Operating profit was NIS 19.7 million, compared with NIS 12 million in the corresponding period last year, and total profit was NIS 21 million, compared to NIS 9 million last year. The company is traded in Tel Aviv at a value of NIS 1.714 billion, and the share price this morning was NIS 48.15 per share, an increase of about 25% since the beginning of the year, when the price was NIS 38.3 per share.
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